In today’s briefing:
- Japan CorpGovReport Details: TSE “Mgmt Conscious of Capital Cost/Stock Price” Details (Oct24)
- Takashimaya (8233 JP) Decent Earnings, BIG Buyback (Odd Register Dynamics)
- How Seven Eleven and Other Conbinis Are Sitting on a Retail Media Goldmine
- Rigaku IPO: Forecasts and Valuation
- Money Forward (3994) | Q3 Priced In; Look for Pull-Back
Japan CorpGovReport Details: TSE “Mgmt Conscious of Capital Cost/Stock Price” Details (Oct24)
- TSE-Listed companies are asked to file “Management Conscious of Capital Cost/Stock Price” awareness reports/policies. Many have. Some are still working on it. And policies change, and CGR reports are updated.
- Our tools show every report, links to every document, and now a new diff file tool. input a name, see the difference between the Old/New Reports. We hope it helps.
- This tool is designed to be a shelf reference. We update it once a month, and every CorpGovReport and new “Management Conscious” report updated since a CGR update is here.
Takashimaya (8233 JP) Decent Earnings, BIG Buyback (Odd Register Dynamics)
- Today, Takashimaya (8233 JP) reported Q2 earnings, a dividend hike, upward revisions to the FY26 MTMP, and a decent-sized buyback to raise leverage levels and ROE.
- The company is yen-sensitive both in overseas retail and domestic department stores on inbound traffic. One could imagine future issues.
- The register looks like it is quite open. It is not. That is worth considering now and in future.
How Seven Eleven and Other Conbinis Are Sitting on a Retail Media Goldmine
- Just as they did before, Japanese convenience stores are taking a US idea and making it Japanese, in this case retail media, which looks set to be huge in Japan.
- Seven & I believes it will be a ¥3 trillion business and Familymart, which is leading in this new profit machine, expects ¥5 billion in media income in 3 years.
- The options for highly personalised targeting and behavioural analysis will transform brand advertising and marketing – but even more the bottom line of convenience stores.
Rigaku IPO: Forecasts and Valuation
- Rigaku Holdings (268A JP) has opened its books for the IPO, and the IPO will raise $753m purely through the sale of shares by the existing shareholders.
- Unlike its competitors, Rigaku has a very specialized product portfolio that is entirely focused on X-ray technology which makes the company unique among its competitors.
- Our analysis reveals that Rigaku’s IPO is attractively priced compared to its competitors and there is more than 15-20% upside to the indicative IPO price range.
Money Forward (3994) | Q3 Priced In; Look for Pull-Back
- In Q3, Money Forward demonstrated continued strong performance, with consolidated net sales posting 31% growth year-on-year to ¥9.81 billion
- EBITDA for the cumulative nine months stands at ¥1.48 billion, comfortably within the company’s full year guidance range of ¥1-3 billion.
- We now see a very modest 2% upside to our target price of ¥6,440, based on an 8x forward revenue multiple.
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